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The attraction of peanut oil is it's higher smoke point, but canola or olive oil both contain far less saturated fat with canola holding a clear advantage. Also canola is is probably the most 'tasteless' oil of them all. For some that might be an advantage,but others prefer particular oils for their taste.
Price point may be the final decider for you.
While peanut oil seems to be the clear favorite for turkey fryers, there's no law that says it must be used.
Please use blended vegetable oil, pure corn oil, sunflower oil,
soybean oil or grapeseed (canola oil) because these oils have a high
smoke point. Peanut oil is not recommended because it greatly
impacts the flavor.
• Oils should never be mixed when deep frying.
• High heat, water, and burnt food particles break down the oil’s smoke
• Replace oil if you notice:
- Excessive smoking at normal temperatures
- Strong oil discoloration
- A rancid smell
- Excessive foaming around the frying food
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